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GENERAL

Definition

TENNANTS OF YORKSHIRE FINE ART AND ANTIQUE AUCTIONEERS LTD are referred to as TENNANTS throughout these Terms of Business. The representative of TENNANTS conducting the auction is referred to as the “Auctioneer”

Attribution and Condition of Lots

Every effort is made to ensure the accuracy of any statement as to authorship, attribution, origin, date, age, provenance and condition of any lot whether or not such statement forms part of the description of any such lot. Whether any such statement is made orally or in the catalogue it is an expression of opinion given after careful consideration and research. Each buyer by making a bid for a lot acknowledges that they have satisfied themselves fully as to the attribution and condition of the lot. In respect of pictures, it should be noted that these have not been removed from their frames unless specifically mentioned in the Condition Report. If any damage is done to any lot at the viewing or before, during or after the sale, such damage shall be made good by the person committing such damage, principals being responsible for the acts of their servants, such damage to be assessed by the TENNANTS.

Third Party Liability

Every person on TENNANTS premises before, during or after a sale shall be deemed to be there at their own risk and shall have no claim against TENNANTS in respect of any injury they may sustain or any accident which may occur.

Disputes

Any dispute not herein proved for shall be settled at the sole discretion of TENNANTS.

THE SELLER

Payment

The “net sale proceeds” received from the buyer in cleared funds will be forwarded to the vendor no later than 28 working days after the auction (TENNANTS endeavour to settle non-catalogue sales within 14 working days after the auction). Where the buyer makes a payment more than 23 working days after the auction TENNANTS shall send to the vendor the “net sale proceeds” within 5 working days of receipt of cleared funds. The “net sale proceeds” are the hammer price less commission and expenses set out in the Property Receipt and Instruction Form. The vendor waives any right to interest that may be earned during the period from payment by the buyer to receipt of the “net sale proceeds” by the vendor.

THE BUYER

The Buyer

The highest bidder acknowledged as such by the Auctioneer will be the buyer. If any dispute arises, the Auctioneer shall have absolute discretion to settle the matter. The Auctioneer shall rule the bidding and no bid shall be retracted. The Auctioneer reserves the right to refuse any bid. The bidder in the room who is successful in purchasing any lot or lots is entirely responsible for paying for such lot or lots in accordance with TENNANTS Terms of Business. Purchases made on behalf of a third party are entirely the responsibility of the bidder in the room. The Auctioneer reserves the right to bid on behalf of the vendors for any lot and to withdraw, consolidate or divide any lot or lots.

Registration

Prospective buyers need to register before the sale, giving their full name, address, contact telephone number(s) and email address. First time buyers will be required to provide proof of identity (i.e. driving licence/passport), a valid debit or credit card and a copy of a utility bill or a document showing their name and address. Upon receipt of the above a paddle will be issued, which is only valid for the current sale. This card may be used to indicate your bids to the Auctioneer during the sale. If successful, the bidder must ensure that their number can be seen by the Auctioneer and that it is their number that is called out. Should there be any doubts as to price or buyer, please draw the Auctioneer’s attention to it immediately.

Buyer’s Premium

A buyer’s premium of 17.5% of the hammer price is payable on each lot in Antiques and Interiors sales and 20% in Specialist, Country House and Fine Art sales. The buyer’s premium is subject to VAT at the current rate.

Value Added Tax

All charges are subject to VAT at the current rate.

Auctioneers’ Margin Scheme

The Auctioneers Margin Scheme allows auctioneers to sell items without VAT on the hammer price. Under the Auctioneers Margin Scheme an amount equivalent to VAT at the current rate is added to the buyer’s premium. This amount cannot be refunded. The VAT element will not be shown separately on the buyer’s invoice.

Card payments where the card holder is not present will only be accepted for transactions up to £500.

Payment can be made and purchases collected during the auction. Accounts not paid within 14 days will automatically be subject to an interest charge of 5% above base rate from the day of sale.

Internet Bidding

An Internet bidding surcharge of 1.5% will be levied on all items purchased via Tennants Live Bidding (at www.tennants.co.uk), in addition to regular buyer’s premium. A charge of 4.95% in addition to regular buyer’s premium, will be levied on all items purchased via the-saleroom.com.

Internet bidding surcharge is subject to VAT at the current rate.

Ownership of Purchases

The ownership of the lot(s) purchased will not pass to the buyer until the buyer has paid TENNANTS in full the total amount due and TENNANTS have applied such payment to the lot.

Transfer of Risk

Each lot shall be the buyer’s sole responsibility from the fall of the hammer and shall be sold with all faults and imperfections, TENNANTS not being responsible for the correct description, genuineness or authenticity of any lot and making no warranty whatsoever. The buyer is deemed to have inspected each lot and satisfied himself as to its condition. In specific circumstances, a lot incorrectly described which proves to be a forgery may be returned to TENNANTS within 14 days of the sale and a full refund made.

Commission Bids

If instructed, TENNANTS will execute bids and advise prospective buyers. This service is free. Lots will always be purchased as cheaply as is allowed by such other bids and reserves as are on the Auctioneer’s book. In the event of identical bids, the earliest will take precedence. There must always be a maximum limit indicated, ie the amount to which the buyer would bid if they were attending the auction themself. “Buy” or unlimited bids will not be accepted. Commission bids placed by telephone are accepted at the client’s risk. TENNANTS urge their clients to place such commission bids within one hour of the close of the view day.

Telephone Bids

Requests for telephone bidding must be registered one hour prior to the close of the view day. We will not accept requests on sale days. Lines are booked on a first come first served basis and are subject to a minimum lot value of £500. Full name, address and telephone numbers will be required together with proof of identity and address. Bank and credit/debit card details are also necessary to secure the line. If we are unable to contact you we will bid up to the lower estimate on your behalf.

Absentee Bidding

Whilst every effort will be made to execute absentee bidding, TENNANTS cannot be held responsible for any default or neglect in connection with this service. All such arrangements therefore are made entirely at the prospective buyer’s risk.

Storage and Collection

Please note furniture, carpets, clocks and larger works of art lots will remain in the salerooms for seven working days following each sale, after which they will be removed to store and arrangements for collection must be made in advance.

Storage charges will be levied on all lots not collected within fourteen days of the sale. This will include a handling fee of £5 per consignment as well as a storage charge of £5 per lot per day. No goods may be collected until these charges have been paid.

DROIT DE SUITE ROYALTY CHARGES

From 14 February 2006 all United Kingdom art market professionals (which includes auctioneers) are required to collect a royalty payment for all works of art that have been produced by living artists, and those who have died with the last 70 years. This payment is calculated on qualifying works of art which are sold for a hammer price more than the UK sterling equivalent of €1,000 (the UK sterling equivalent will fluctuate in line with prevailing exchange rates.

It is the responsibility of the buyer to acquaint themselves with the actual Euro to UK sterling exchange rate on the day of the sale. The actual qualifying threshold will be calculated by the Artist’s Resale Right Service Hub based on the European Central Bank reference rate published at 2.15pm on the day of the sale, and can be found on www.dacs.org.uk.

All items in this catalogue that are marked with “ü” are potentially qualifying items, and the royalty charge will apply if the hammer price is more than the UK sterling equivalent of €1,000. The royalty charge will be added to purchase invoices, and must be paid before items can be cleared. All royalty charges are paid to either the Design and Artists Copyright Society (“DACS”) or the Artists’ Collecting Society (“ACS”) by the auctioneers, and no handling costs or additional fees with respect to these charges will be retained by the auctioneer.

The royalty charge for qualifying items which achieve a hammer price of more than the UK sterling equivalent of €1,000 is as follows: